LirrLE SHELFORD Annual report and accounts 31" December 2022
ALL SAINTS LITTLE SHELFORD PCC
Annual report and accounts 2022
| Contents | Page |
|---|---|
| Church office address and bankers | 1 |
| Annual report | 2-3 |
| Independent examiner’sreport | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7-14 |
Church office address
All Saints Church Church Street Little Shelford Cambridge CB22 5HG
Bankers
Barclays Bank plc Leicester LE87 2BB
Cambridge Building Society Woollards Lane Great Shelford Cambridge CB22 5LZ
Independent Examiner
S G Berrriman Chater Allan LLP 7 Quy Court Colliers Lane Stow-Cum-Quy CB25 9AU
1
ALL SAINTS LITTLE SHELFORD PCC
Annual report 2022
Background
All Saints Little Shelford Parochial Church Council (PCC) has the responsibility for co-operating with the rector, Revd Simon Scott, in promoting in the ecclesiastical parish the evangelistic and pastoral mission of the Church.
Membership
Members of the PCC are ex officio, elected by the Annual Parochial Church Meeting (APCM), or co-opted, in accordance with the Church Representation Rules.
During the year the following served as members of the PCC: Incumbent: Revd Simon Scott Curate: Revd Edward Keene Diocesan Synod member: David Brock Deanery Synod member: Miles Cragg, Clive Ayling Wardens: David Brock (retired April 2022), Justin Cross; Clive Ayling Co-opted: Robin Church, Tom Habib (retired September 2022), Tim Glauert
Elected members:
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Miles Cragg, Polly Stanton, Neil Wade, Liz Halliday
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Elected at the APCM: Emily Button, Fiona Law, Derek Fraser
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Retired at the APCM: Keith Haddow, Steve Pearce
Secretary:
Alison Hynds
Lay members of the PCC receive no formal induction and training. Any member of the congregation on the electoral roll may stand for election to the PCC. The patron (with the right to appoint an incumbent when a vacancy arises) is the Bishop of Ely.
The PCC has reviewed the key risks and in regard to the physical safety of those on church premises has appointed a health and safety officer. In addition, those involved with children are subject to Disclosure and Barring Service (DBS) checks administered via the diocese. The incumbent and PCC have had regard to the Charity Commission’s guidance on public benefit.
Committees
The PCC operates through a number of groups and committees, which meet between full meetings of the PCC:
External Mission Group:
Joan Church, Clive Ayling, Angela Palmer (Chair), Pui Ip, David Tisdall, Revd Edward Keene Remit – to recommend giving projects and amounts to the PCC and to encourage prayer for these projects. The PCC’s policy is to make grants totalling 20% of budgeted planned giving (including tax recovery) for the year to home and overseas mission partners.
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ALL SAINTS LITTLE SHELFORD PCC
Annual report (continued)
Finance and Standing Committee:
Incumbent (chair), Wardens, Treasurer, Steve Pearce (retired April 2022), Neil Wade (from May 2022) Remit – to take decisions between PCC meetings (for subsequent PCC ratification as necessary) and to consider items for the PCC agenda.
Fabric Committee:
David Brock (chair), Dr John Coppendale, Neil Wade, Simon Conway-Smith and Paul Danes Remit – the planning and supervision of all works relating to the church building, the North Building, and the churchyard.
The committee did not meet in 2022 but will be re-constituted in 2023 with different membership.
Church attendance
Average attendance was around 120 on a typical Sunday across three services, and the number on the electoral roll at the APCM was 112.
Financial review
The income for the year ended 31 December 2022 was £265,206 (2021: £265,647). Planned giving (including the tax recoverable on Gift-Aided giving) fell by £6,278, which is 3% of last year’s total . Gift Day income fell 30% to £20,108 from £29,074 the previous year, but unplanned giving, including collections, rose over 80% to £29,517 from £16,083 last year. Other income was derived from fees, the bookstall, and the charges arising from activities. Investments yielded a slightly higher income of £1,075 but the value of those investments fell by £4,464.
Resources expended amounted to £267,512 (2021: £272,133). Expenditure on activities directly related to the work of the church was £222,780 (2021: £231,821). Missionary and charitable grants were higher at £44,732 and expenditure on church fabric doubled to £19,152 to address issues arising from the quinquennial inspection.
Net outgoing resources for the year showed a deficit of £2,306 reduced from a deficit of £6,486 in 2021. After investment losses of £4,464 (2021 gain £4,816) the deficit for the year was £6,770 (2021 £1,670). At the year end the net assets were £111,536 (2021: £118,306).
The PCC has sufficient reserves, organised into restricted, designated and general funds, as described in note 9 to the accounts.
Responsibilities of the members of the PCC in relation to the accounts
The PCC is responsible for all parish finance, its management and control, including the appointment of a treasurer. Its legal responsibilities include:
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Keeping proper accounting records, which are sufficient to show and explain all the PCC’s transactions and must include a record of all relevant assets and liabilities. The records must:
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(i) show and explain all the PCC’s transactions;
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(ii) disclose the PCC’s financial position at any time;
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(iii) enable the required accounts to be prepared;
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(iv) show on a day-to-day basis all receipts and payments and what they were for;
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(v) include a record of all assets and liabilities.
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Ensuring that the finances of the PCC are under its control and only delegated if the PCC can ensure that its wishes will be followed.
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Preparing annual accounts and a report, which shall be presented to the Annual Parochial Church Meeting in accordance with the requirements of the Church Representation Rules.
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Arranging for an independent examination of the accounts.
Plans for future periods
The programme of activities in 2023 will continue to focus on the church’s mission. A part -time assistant minister for youth and music currently continues in post, and a new curate will soon be getting established. We continue to emphasise the importance of our work amongst families and are therefore strengthening our volunteer teams. We hope to rearrange our midweek groups to ensure the growth and support of our regular members. We continue to consider how best to attract and reach out to people who have not come to services in the past.
Approved by the PCC on 21[st] March 2023 and signed on its behalf by:
Tim Glauert Clive Ayling Warden Treasurer
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ALL SAINTS LITTLE SHELFORD PCC
Independent Examiner’s Report
| Independent Examiner’s Report | Independent Examiner’s Report | Independent Examiner’s Report | |
|---|---|---|---|
| Report to the trustees/ members of On accounts for the year ended Set out on pages |
All Saints Little Shelford PCC | ||
| 31st December 2022 | Charity no (if any) |
1130554 | |
| 5 to 14 |
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Respective responsibilities of The charity's trustees consider that an audit is not required for this year (under section 144(2) trustees and examiner of the Charities Act 2011 (the Act)) and that an independent examination is needed. It is my responsibility to:
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examine the accounts (under section 145 of the Act),
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Act), and
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to state whether particular matters have come to my attention.
Basis of independent My examination was carried out in accordance with General Directions given by the Charity examiner’s statement Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts. Independent In the course of my examination, no matter has come to my attention examiner's statement 1. which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept (in accordance with section 130 of the Act); and
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
| Signed: Name: Relevant professional qualification(s) or body: Address: |
Date: | |
|---|---|---|
15 August 2023 |
||
| S G Berriman | ||
| FCCA FCA | ||
| Chater Allan LLP | ||
| 7 Quy Court, Colliers Lane | ||
| Stow-Cum-Quy CB25 9AU |
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ALL SAINTS LITTLE SHELFORD PCC
Statement of financial activities
for the year ended 31 December 2022
| Unrestricted | Designated | Restricted | Total | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | 2022 | 2021 | ||
| Notes | £ | £ | £ | £ | £ | |
| Incoming resources | ||||||
| Incoming resources from donors | 260,122 | - | - | 260,122 | 260,680 | |
| Other ordinary incoming resources | 4,009 | - | - | 4,009 | 3,980 | |
| Income from investments | 306 | - | 769 | 1,075 | 987 | |
| Total incoming resources | 2 | 264,437 | - | 769 | 265,206 | 265,647 |
| Resources expended | ||||||
| Activities directly related to the work | ||||||
| of the church | 201,936 | 19,152 | 1,693 | 222,780 | 231,821 | |
| Grants | 392 | 44,340 | - | 44,732 | 40,312 | |
| Total resources expended | 3 | 202,328 | 63,492 | 1,693 | 267,512 | 272,133 |
| Net incoming/(outgoing) resources | 62,109 | (63,492) | (924) | (2,306) | (6,486) | |
| Transfers between funds | 9b | (56,150) | 54,150 | 2,000 | - | - |
| Other recognised gains and losses | ||||||
| Gains on investments | ||||||
| - Unrealised | 6 | (1,003) | - | (3,461) | (4,464) | 4,816 |
| Net movement in funds | 4,956 | (9,342) | (2,385) | (6,770) | (1,670) | |
| Funds at 1 January | 9b | 71,899 | 15,634 | 30,774 | 118,306 | 119,977 |
| Funds at 31 December | 76,855 | 6,292 | 28,388 | 111,536 | 118,306 |
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ALL SAINTS LITTLE SHELFORD PCC
Balance sheet
at 31 December 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed assets | |||
| Investments | 6 | 33,843 | 38,307 |
| Current assets | |||
| Debtors | 7 | 23,674 | 16,229 |
| Cash at bank and in hand | 54,449 | 70,647 | |
| 78,123 | 86,876 | ||
| Creditors:amounts falling due within one year | 8 | 430 | 6,876 |
| Net current assets | 77,693 | 80,000 | |
| Net assets | 111,536 | 118,306 | |
| Funds | |||
| Restricted funds | 9b | 28,389 | 30,744 |
| Unrestricted funds: | |||
| Designated funds | 9b | 6,292 | 15,634 |
| General Fund | 9b | 76,855 | 71,899 |
| Total funds | 111,536 | 118,306 |
Approved for issue by the Parochial Church Council and signed on its behalf by
………………………………………….. ……………………………………… Clive Ayling (Churchwarden) Tim Glauert (Treasurer) 28 March 2023
Charity Commission Registration No. 1130554
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ALL SAINTS LITTLE SHELFORD PCC
31 December 2022
Notes to the accounts
1. Accounting policies
Accounting convention
The accounts have been prepared in accordance with the Church Accounting Regulations 2008,the Charities Act 2011, the Financial Reporting Standard applicable in the UK and Republic of Ireland (‘FRS102’) and the Statement of Recommended Practice applicable to charities (‘Charities SORP’), effective from 1 January 2019. Buildings have been excluded from the accounts in accordance with the Charities Act 2011. The accounts have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value.
Funds
~~General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and~~ are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.
Incoming resources
Voluntary income Collections are recognised when received. Planned giving receivable under covenant is recognised only when received. Income tax recoverable on gift aid donations is recognised in the period when the associated income is ~~recognised. Grants and legacies are recognised when they are notified to the PCC. Income from events, bo~~ ok sales and other similar income is accounted for gross. Other ordinary income
Fees and similar income are recognised on a receivable basis. Investments Dividends and interest are accounted for when receivable. Realised gains or losses are recognised as they arise. Unrealised gains or losses are accounted for on revaluation of investments at the balance sheet date.
Resources expended
Grants ~~Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding~~ obligation on the PCC.
Activities directly relating to the work of the Church The ministry share is accounted for when payable. Any amounts unpaid at the balance sheet date are provided ~~for within creditors.~~ General expenditure General expenditure is accounted for on the accruals basis, as soon as a liability arises.
Tangible fixed assets
Consecrated land and buildings and movable church furnishings
Consecrated and beneficed property is excluded from the accounts by s10(2)(a) and (c) of the Charities Act 2011. No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on church buildings and furnishings is written off in the statement of financial activities. Other fixtures, fittings and office equipment
Equipment used within the church premises if over £10,000 is depreciated on a straight line basis over 3-5 years.
Fixed asset investments
Investments are valued at market value at the balance sheet date.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are included in the Statement of Financial Activities on a straight line basis over the period of the lease.
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ALL SAINTS LITTLE SHELFORD PCC
Notes to the accounts
31 December 2022
| 2. Incoming resources | |||||
|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Total | Total | |
| funds | funds | funds | 2022 | 2021 | |
| £ | £ | £ | £ | £ | |
| Incoming resources from donors | |||||
| Planned giving | 204,337 | - | - | 204,337 | 210,615 |
| Income tax recoverable | 6,162 | - | - | 6,162 | 4,908 |
| Collections and unplanned giving | 29,517 | - | - | 29,517 | 16,083 |
| 240,015 | - | - | 240,015 | 231,606 | |
| Gift Days (including tax recoverable) | 20,108 | - | - | 20,108 | 29,074 |
| 260,122 | - | - | 260,122 | 260,680 | |
| Other ordinary incoming resources | |||||
| All Saints Tots (toddler group) | 1,248 | - | - | 1,248 | 186 |
| Fees, bookstall and other income | 2,161 | - | - | 2,161 | 187 |
| Grants Received | 600 | - | - | 600 | 188 |
| 4,009 | - | - | 4,009 | 3,980 | |
| Income from investments | |||||
| Dividends and interest | 306 | - | 769 | 1,075 | 987 |
| 264,437 | - | 769 | 265,206 | 265,647 |
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ALL SAINTS LITTLE SHELFORD PCC
Notes to the accounts
31 December 2022
3. Resources expended
| 3. Resources expended | |||||
|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Total | Total | |
| funds | funds | funds | 2022 | 2021 | |
| £ | £ | £ | £ | £ | |
| Activities directly relating to the work of the Church | |||||
| Ministry: diocesan ministry share | 65,801 | - | - | 65,801 | 64,423 |
| ministers' expenses | 29,930 | - | - | 29,930 | 30,318 |
| Staff costs (note 11) | 73,194 | - | - | 73,194 | 90,651 |
| Services, events & other ministry activity | 8,452 | - | - | 8,452 | 4,517 |
| Children's work | 935 | - | - | 935 | 1,651 |
| Office expenses, bank charges | 5,308 | - | - | 5,308 | 5,571 |
| Utilities, equipment & insurance | 7,636 | - | - | 7,636 | 14,890 |
| Building improvements, cleaning and maintenance | 5,656 | 19,152 | - | 24,808 | 15,007 |
| Churchyard maintenance | - | - | 1,693 | 1,693 | 2,885 |
| Books and other printed material | 287 | - | - | 287 | 758 |
| Newsletter production | 615 | - | - | 615 | 1,150 |
| Church Weekend Away subsidy | 4,121 | - | - | 4,121 | - |
| 201,936 | 19,152 | 1,693 | 222,780 | 231,821 | |
| Grants(note 4) | |||||
| Missionary and charitable giving: | |||||
| Overseas missions, relief and development agencies | 312 | 27,090 | - | 27,402 | 21,812 |
| Home missions, local school and other | 80 | 17,250 | - | 17,330 | 18,500 |
| 392 | 44,340 | - | 44,732 | 40,312 | |
| 202,328 | 63,492 | 1,693 | 267,512 | 272,133 |
Remuneration and other payments to PCC members
PCC members received no remuneration during the year (2021: £nil).
The expenses of 4 ministers are shown above and comprise housing, travel, subsistence and entertaining. No members of the PCC were reimbursed for expenses specifically relating to the PCC. Expenses incurred by PCC members unrelated to their services as such are not disclosable.
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ALL SAINTS LITTLE SHELFORD PCC
Notes to the accounts
31 December 2022
| 4. Grants | 2022 | |||
|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Total | |
| funds | funds | funds | ||
| £ | £ | £ | £ | |
| Assistance to individuals | - | - | - | - |
| Overseas missions and relief and development | agencies: | |||
| Arab World Ministries | - | 5,000 | - | 5,000 |
| Barnabas Fund | - | 1,000 | - | 1,000 |
| Calry Church | - | 500 | - | 500 |
| Exarcheia Church, Athens | - | 5,000 | - | 5,000 |
| Great Lakes Outreach | - | 750 | - | 750 |
| Hoveraid | - | 4,000 | - | 4,000 |
| Living Word Uganda | - | 5,000 | - | 5,000 |
| The Bible Society | - | 100 | - | 100 |
| TMS Global | - | 740 | - | 740 |
| World Vision | 312 | - | - | 312 |
| Wycliffe Bible Translators | - | 5,000 | - | 5,000 |
| 312 | 27,090 | - | 27,402 | |
| Home missions, local school and other: | ||||
| Action for ME | - | 250 | - | 250 |
| Faraday Institute | - | 1,000 | - | 1,000 |
| Friends International | - | 5,000 | - | 5,000 |
| GenR8 | - | 4,000 | - | 4,000 |
| Shelford School | - | 1,000 | - | 1,000 |
| SSYI | 80 | 4,000 | - | 4,080 |
| Thetford PCC | - | 2,000 | - | 2,000 |
| 80 | 17,250 | - | 17,330 |
The activities supported by the grants made to institutions comprise: the propagation of the Christian gospel, the relief of suffering, the resourcing of Christian work amongst foreign visitors to the UK, and amongst youth and children, the resourcing of Bible translators, and the training of Bible teachers.
5. Tangible fixed assets
5. Tangible fixed assets Equipment £ Cost - At 1 January 2022 and 31 December 2022 Depreciation - At 1 January 2022 and 31 December 2022 Net book value - At 1 January 2022 and 31 December 2022
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ALL SAINTS LITTLE SHELFORD PCC
Notes to the accounts
31 December 2022
6. Fixed asset investments
£
| Market value | ||||
|---|---|---|---|---|
| At 1 January 2022 | 38,307 | |||
| Revaluation loss | (4,464) | |||
| At 31 December 2022 | 33,843 | |||
| Market value | Market value | Change in | ||
| Number | 2022 | 2021 | market value | |
| of shares | £ | £ | £ | |
| Restricted funds | ||||
| Mrs M B Thompson | 332 | 6,859 | 7,764 | (905) |
| Beck Grave Trust | 78 | 1,612 | 1,824 | (212) |
| D M Watson | 68 | 1,405 | 1,590 | (185) |
| Meadows Bequest | 414 | 8,554 | 9,682 | (1,128) |
| Dr Joe Church Memorial | 281 | 5,806 | 6,572 | (766) |
| Bagnell Bequest | 97 | 2,004 | 2,269 | (265) |
| 26,240 | 29,701 | (3,461) | ||
| Unrestricted funds | ||||
| Sale of land | 368 | 7,603 | 8,606 | (1,003) |
| 33,843 | 38,307 | (4,464) |
All investments are held at market value at the balance sheet date.
The shares had an original cost of £3,030 and are held in the deposit and investment funds of the Central Board of Finance of the Church of England.
| 7. Debtors | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| Income tax recoverable | 3,143 | 4,704 |
| Prepayments and accrued income | 20,531 | 11,525 |
| 23,674 | 16,229 | |
| 8. Creditors:amounts falling due within one year | 2022 | 2021 |
| £ | £ | |
| Other creditors | 375 | 4,996 |
| Agency Collections | 55 | - |
| Accruals and deferred income | - | 1,880 |
| 430 | 6,876 |
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ALL SAINTS LITTLE SHELFORD PCC
Notes to the accounts
31 December 2022
9. Funds
a) Fund descriptions
The PCC's restricted funds comprise donations and grants held for purposes specified by the donors. Funds which are held by the PCC for general purposes (and have not been restricted by the donors) are unrestricted. The PCC has set aside certain funds ('designated funds') for particular projects. These funds may be redesignated by the PCC as necessary.
Restricted funds
The Building Fund exists to support the repair and restoration of the fabric of the church using income from external sources such as public appeals.
The Churchyard Fund pays for the upkeep of the churchyard. It derives some income from investments but also receives transfers from the General Fund.
Designated funds
The External Mission Fund is to provide grants for Christian use to external groups and institutions. Current policy is to each year transfer 20% of budgeted income from the General Fund into this fund.
The Evangelism Fund is to provide funding for the church's evangelistic activities. This fund is moribund since 2014 and the balance will be folded back into the general fund in 2023.
The Support Fund exists to assist Christian brothers and sisters experiencing financial hardship. Payments from this fund are at the discretion of the incumbent and churchwardens. This designated fund exists alongside the restricted Support Fund.
The Fabric Fund is used to set aside resources for repairs and major maintenance of both the church building and the North Building. As a designated fund, the PCC may increase its reserves in anticipation of a building project, and allocate to this fund external grants received in relation to such projects, and conversely transfer surplus resources from this fund back to the General Fund.
Unrestricted fund
The General Fund is for the daily operation of the church.
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ALL SAINTS LITTLE SHELFORD PCC
Notes to the accounts
31 December 2022
9. Funds (continued)
| b) Fund details | Balance at | Changes in | Transfers | Balance at | ||
|---|---|---|---|---|---|---|
| 1 January | Incoming | value of | between | 31 December | ||
| 2022 | resources | Expenditure | assets | funds | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Restricted funds | ||||||
| Building Fund | - | - | - | - | - | - |
| Churchyard Fund | 30,774 | 768 | (1,693) | (3,461) | 2,000 | 28,389 |
| 30,774 | 768 | (1,693) | (3,461) | 2,000 | 28,389 | |
| Designated funds | ||||||
| External Mission Fund | 3,910 | - | (44,340) | - | 44,000 | 3,570 |
| Evangelism Fund | 2,073 | - | - | - | - | 2,073 |
| Fabric Fund | 8,850 | - | (19,152) | - | 10,150 | (152) |
| Support Fund | 801 | - | - | - | - | 801 |
| 15,634 | - | (63,492) | - | 54,150 | 6,292 | |
| Unrestricted funds | ||||||
| General Fund | 71,899 | 264,437 | (202,328) | (1,003) | (56,150) | 76,855 |
| Total | 118,307 | 265,205 | (267,512) | (4,464) | - | 111,536 |
Notes:
The Fabric Fund is in deficit because there was an outstanding insurance claim that was not processed in time to be recorded as a debtor
c) Transfers between funds
| General Fund to Churchyard Fund General Fund to External Mission Fund General Fund to Fabric Fund Total |
£ 2,000 44,000 10,150 |
|---|---|
| 56,150 |
To supplement Churchyard Fund income To provide funds for grants To set aside resources for repair of buildings
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ALL SAINTS LITTLE SHELFORD PCC
Notes to the accounts
31 December 2022
10. Assets by fund
| 10. Assets by fund | |||
|---|---|---|---|
| Net current | |||
| Investments | assets | Total | |
| £ | £ | £ | |
| Restricted funds | |||
| Building Fund | - | - | - |
| Churchyard Fund | 26,240 | 2,149 | 28,389 |
| 26,240 | 2,149 | 28,389 | |
| Unrestricted funds | 7,603 | 75,544 | 83,147 |
| 33,843 | 77,693 | 111,536 | |
| 11. Staff costs | 2022 | 2021 | |
| £ | £ | ||
| Gross salaries including pension contributions | 35,471 | 53,087 | |
| Employer's National Insurance contributions | - | - | |
| Payments to Diocese of Ely: Revd E Keene | 37,723 | 37,564 | |
| 73,194 | 90,651 |
12. Commitments under operating leases
At the year end, the PCC had annual commitments under non-cancellable operating leases as follows:
| Plant & machinery | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Operating leases which expire in: | ||
| Less than 2 years | 804 | 804 |
13. Related party transactions
Apart from the reimbursement of expenses, as disclosed in note 3, there were no related party transactions during the year.
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